Cattle futures closed higher Wednesday, buoyed by higher outside markets and the positive outlook for cash prices this week.
Feeder Cattle futures closed an average of $1.56 higher ($1.22 to $2.50 higher). Live Cattle futures closed an average of 99¢ higher (57¢ to $1.30 higher).
Negotiated cash fed cattle trade ranged from mostly inactive on light demand to slow on light to moderate demand, according to the Agricultural Marketing Service. Although too few to trend, there were some early live sales at $146/cwt. in Nebraska and the western Corn Belt and some early dressed sales in Nebraska at $229.
Last week, live prices were $135-$136/cwt. in the Texas Panhandle, $136 in Kansas, $140-$143 in Nebraska and $141-$147 in the western Corn Belt. Dressed prices were $227 in Nebraska and $225-$232 in the western Corn Belt.
Choice Boxed beef cutout value was $1.50 lower Wednesday afternoon at $263.23/cwt. Select was 62¢ lower at $237.08/cwt.
Corn futures closed mostly 3¢ to 4¢ higher. Soybean futures closed mixed but mostly fractionally higher to 3¢ higher.
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